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Salina Li

Mainland Chinese homebuyers remain a strong driving force in Hong Kong’s residential property market, spending HK$38 billion (US$4.9 billion) to account for 25 per cent of the city’s total home transactions in the third quarter, according to Centaline Property Agency.
Buyers with names in pinyin – the mainland’s system of romanisation of Chinese script – registered 3,797 deals between July and September, up 7 per cent from the previous quarter, Centaline said in a report on Monday.
It noted that during this period, the number of transactions for primary and secondary private residential properties across Hong Kong reached 15,000, with mainland buyers making up a quarter of the activity.
Market sentiment has been gradually warming up since Chief Executive John Lee Ka-chiu scrapped all property cooling measures in last year’s policy address and the US Federal Reserve cut interest rates by a cumulative 1.25 percentage points since September 2024.
That shift had encouraged mainland buyers to accelerate their market entry, said Louis Chan Wing-kit, CEO of Centaline’s residential division.

The total investment by those buyers reached HK$38 billion last quarter, surging 14 per cent from the June quarter and maintaining a spending level of more than HK$30 billion for the second consecutive quarter, according to the report.
The average expenditure per buyer reached HK$10.02 million, up from HK$8.9 million and HK$9.33 million in the first two quarters. This suggests a rebound in purchasing power among non-local buyers.
In the third quarter, both the number of transactions and the total invested amount were the largest seen in the past 12 months, the report said.
However, purchasing power has yet to fully recover from its historical peak. The average transaction amount per buyer reached a record high of HK$14.86 million in the third quarter of 2018, Centaline data showed.
As property prices retreated from their peak, buyers were actively snapping up properties at lower prices, Chan said
Hong Kong’s lived-in home prices recorded a modest gain for the fifth straight month, rising 0.14 per cent in August and narrowing this year’s price decline to 0.24 per cent, according to the Rating and Valuation Department. Since April, home prices have increased 1.26 per cent.

Among the neighbourhoods favoured by mainland buyers, Kai Tak saw the most activity, according to Centaline. Mainland Chinese buyers were responsible for 344 of the district’s 667 deals in the third quarter, totalling HK$9.1 billion.
That surpassed the 218 mainland buyers and HK$3.8 billion in transactions recorded in Wong Chuk Hang during the same period. Tseung Kwan O’s Lohas Park also saw strong interest, drawing 230 mainland buyers.
Chan said mainland buyers not only valued the investment potential of Hong Kong’s property market but also viewed it as a status symbol, a safeguard for educational resources and an important asset allocation strategy.
The complete removal of property cooling measures, the easing of property investment requirements for the government’s cash-for-residency scheme and proactive talent recruitment policies had lowered the barrier to entry for non-local buyers, Chan added.
In his latest policy blueprint unveiled last month, the Hong Kong chief executive updated the New Capital Investment Entrant Scheme. The new arrangement keeps the maximum residential property investment amount at HK$10 million but lowers the total transaction price threshold from HK$50 million to HK$30 million.
In the first three quarters, mainland Chinese buyers accounted for 9,900 transactions worth HK$94.1 billion, according to Centaline.
Transactions for the full year were expected to exceed 12,000, surpassing last year’s record of 11,600, Chan said.


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The removal of property cooling measures and the easing of the cash-for-residency scheme have lowered the barrier for non-local buyers


The removal of property cooling measures and the easing of the cash-for-residency scheme have lowered the barrier for non-local buyers.


Mainland Chinese buyers fuel 25% of Hong Kong home sales last quarter, Centaline says

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The removal of property cooling measures and the easing of the cash-for-residency scheme have lowered the barrier for non-local buyers

The removal of property cooling measures and the easing of the cash-for-residency scheme have lowered the barrier for non-local buyers